We’ve heard a lot of whining from agents lately when they get beat out in a multiple offer situation.
“But you didn’t tell me to submit highest and best. You have to tell us when there are multiple offers on the table.”
Home sellers don’t have any obligation to buyers or their agents to disclose multiple offers.
When it comes to multiple offers, there are advantages and disadvantages to a seller disclosing this information.
It’s an advantage to call for the highest and best, with the knowledge that buyers generally increase their offers when they know they are directly competing against other buyers for the same property at the same time.
It’s a disadvantage to call for the highest and best because some buyers may drop out of the running, not wanting to get involved in a bidding war.
When it comes to selling their home, sellers call the shots. Listing agents are there in a supportive role with an obligation of honesty towards all parties involved. But if they choose not to share information about multiple offers on their property, then that is something the agent must respect and keep confidential.